Indian Sponge & billet offers decline by INR 100-300/MT (USD 1-5) day on day. The limited trade activities resulted further price corrections in domestic market.
SteelMint’s price assessments for induction furnaces billet size 125×125 mm are reported at INR 31,800-35,000/MT (USD 500-551) ex-plant.
Further the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,800-22,300/MT (USD 328-351); prices are ex-plant & excluding GST.
Today (Monday, January 8, 2018) INR to USD exchange rate stood at INR 63.51 & BSE Sensex closed at 34,352 (+198).
Key Market Updates:
1. Iron ore exports from Goa resumes on rising spot prices in China. Exports from Goa increased by 132% in Dec’17 to 880,000 MT against 380,000 MT in Nov’17.
2. NMDC is going to conduct an e-auction of 100,000 MT retrieved iron ore lumps from Visakhapatnam.The due date for bid submission is 19 Jan’18.
3. JSW Steel’s iron ore purchase from Karnataka e-auctions stood at 2.36 MnT in Dec’17, surge by 36% M-o-M compared to 1.73 MnT in Nov’17.
4. According to sources in Durgapur, Rashmi Metaliks has kept offers unaltered to INR 21,100-21,200/MT for FeM 78 P-DRI.
5. Raipur, Central India based Integrated plants offered Sponge P-DRI at INR 21,000-21,100/MT ex-plant , which was offered at INR 21,100-21,200/MT on 5th Jan’18.
6. Jharsugda, Odisha based manufacturer – Bhushan Power & Steel has offers Sponge P-DRI at INR 20,300-400/MT ex-plant, according to the officials.
7. BMM Ispat in South India (Karnataka) has reduced offers for FeM 80 P-DRI by INR 100/MT to INR 20,100-20,200/MT ex-Bellary, an official reported.
8. SAIL’s IISCO offers steel grade pig iron at INR 26,500/MT, the prices increase by INR 2,000-2,200/MT against company’s offer in Dec’17 at INR 24,300-24,500/MT ex-plant, Burnpur, West Bengal.
9. Prakash Ferrous Industries Pvt. Ltd based in Chennai has offered Rebar 12mm at INR 39,000/MT ex-plant & excluding GST
10. Kalika Steel Alloys in Jalna offered 28mm rebars at INR 36,700/MT ex-plant & excluding GST.
11. Gujarat based Akshar TMT has reduced rebar offers by INR 200-300/MT D-o-D. The fresh offers are reported at INR 45,200/MT FOR & including 18% GST, Size – 20 mm.
12. India’s saleble Finished steel production increased by 4% to 9.194 MnT in Dec’17 against Nov’17 and by 3.7% over Dec’16, the recent released data by JPC shows.
Reference prices as on 8th January 2018
| Particular/Delivery | Size, Grade, Origin | Prices | Min | Max | Change | 1W | 1M | |
| C-DRI | Ex-Durgapur | Mix, FeM 78%, +/-1 | 22,100 | 22,000 | 22,200 | – 100 | 21,700 | 19,200 |
| Ex-Rourkela | Mix, FeM 80%, +/-1 | 21,450 | 21,400 | 21,500 | 0 | 20,900 | 18,400 | |
| Ex-Raipur | Mix, FeM 80%, +/-1 | 22,300 | 22,200 | 22,400 | – 100 | 22,300 | 19,900 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,800 | 20,700 | 21,000 | 0 | 20,200 | 17,800 | |
| P-DRI | Ex-Durgapur | Lumps, FeM 78%, +/-1 | 21,100 | 21,000 | 21,200 | – 100 | 20,700 | 18,200 |
| Ex-Jharsugda | Lumps, FeM 78%, +/-1 | 20,400 | 20,300 | 20,500 | – 100 | NA | NA | |
| Ex-Raipur | Lumps, FeM 80%, +/-1 | 21,050 | 21,000 | 21,100 | – 200 | 21,200 | 18,800 | |
| Ex-Bellary | Lumps, FeM 80%, +/-1 | 20,200 | 20,100 | 20,300 | 0 | 19,700 | 17,400 | |
| Ex-Hyderabad | Lumps, FeM 80%, +/-1 | 20,200 | 20,100 | 20,300 | 0 | 20,000 | 17,900 | |
| Ingot | Ex-Mandi Gobindgarh | 3.5 x 4.5 Inch, IS 2830 | 33,950 | 33,900 | 34,000 | + 50 | 33,700 | 30,600 |
| Ex-Durgapur | 3.5 x 4.5 Inch, IS 2830 | 32,100 | 32,000 | 32,200 | – 100 | 31,200 | 28,600 | |
| Ex-Rourkela | 3.5 x 4.5 Inch, IS 2830 | 31,250 | 31,200 | 31,300 | – 150 | 30,600 | 27,000 | |
| Ex-Raipur | 3.5 x 4.5 Inch, IS 2830 | 32,000 | 31,900 | 32,000 | – 200 | 32,100 | 28,000 | |
| Ex-Mumbai | 3.5 x 4.5 Inch, IS 2830 | 34,800 | 34,700 | 34,900 | – 300 | 34,400 | 30,300 | |
| Ex-Chennai | 3.5 x 4.5 Inch, IS 2830 | 34,250 | 34,000 | 34,500 | 0 | 33,200 | 29,800 | |
| Ex-Hyderabad | 3.5 x 4.5 Inch, IS 2830 | 35,000 | 35,000 | 35,500 | – 250 | 34,500 | 30,300 | |
| Billet | Ex-Mandi Gobindgarh | 125×125 mm, IS 2831 | 34,300 | 34,200 | 34,400 | – 100 | 34,200 | 31,100 |
| Ex-Durgapur | 125×125 mm, IS 2831 | 32,300 | 32,200 | 32,400 | 0 | 31,700 | 28,900 | |
| Ex-Rourkela | 125×125 mm, IS 2831 | 31,800 | 31,800 | 31,900 | – 300 | 31,300 | 27,700 | |
| Ex-Raipur | 125×125 mm, IS 2831 | 32,900 | 32,800 | 33,000 | – 200 | 32,800 | 28,900 | |
| Ex-Mumbai | 125×125 mm, IS 2831 | 35,000 | 35,000 | 35,100 | – 300 | 34,600 | 30,500 | |
| Ex-Chennai | 125×125 mm, IS 2831 | 34,750 | 34,750 | 35,000 | 0 | 33,700 | 30,300 | |
| Ex-Hyderabad | 125×125 mm, IS 2831 | 35,000 | 35,000 | 35,500 | – 250 | 34,500 | 30,300 | |
| TMT | Ex-Delhi/NCR | 12MM | 38,700 | 38,500 | 38,700 | – 500 | 38,200 | 34,100 |
| Ex-Durgapur | 12MM | 36,100 | 35,900 | 36,300 | 0 | 35,300 | 31,600 | |
| Ex-Raipur | 12MM | 36,500 | 36,300 | 36,700 | – 400 | 36,200 | 31,500 | |
| Ex-Mumbai | 12MM | 39,200 | 38,800 | 39,300 | 0 | 37,800 | 33,700 | |
| Ex-Chennai | 12MM | 38,600 | 38,600 | 39,000 | 0 | 37,600 | 33,800 | |
| Ex-Hyderabad | 12MM | 38,200 | 38,100 | 38,300 | – 250 | 37,700 | 33,300 |
Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research
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